Public sector bank Punjab National Bank and private sector lender HDFC Bank both have raised its fixed deposit interest rates amid raining festive offers. These rates are applicable for deposit amounts less than Rs 2 crore. While HDFC Bank has hiked its FD interest rates by up to 50 basis points (bps), PNB has hiked its interest rates by up to 75 bps. Both the banks have hiked their interest rates after the Reserve Bank of India raised its repo rate on September 30.
Now, after revision, HDFC Bank will be offering interest rates between 3 per cent and 6.25 per cent on deposits maturing in 7 days to 10 years for general investors. On the other hand, PNB is offering interest rates in the range of 3.50 per cent to 6.10 per cent for deposits of 7 days to 10 years.
Read More: Tax Talk: Know when maturity payout on life insurance is taxable
Both banks will be offering a slightly higher rate for senior and super-senior citizens.
HDFC Fixed deposit rates
On schemes of 61 days to 89 days, HDFC Bank’s updated interest rate of 4.50 per cent, from 4 per cent earlier. For schemes of 90 days to 6 months, the revised interest rate is 4.50 per cent.
On schemes of 6 months-9 months, investors can earn a rate of 5.25 per cent. Before this, the rate was 5 per cent. For the next slab, 9 months 1 day to less than 1 year, the new interest rate is 5.50 per cent.
For one year to 15 months, the revised rates are 6.10 per cent. Investors can now earn an updated rate of interest of 6.15 per cent for schemes of 15 months to less than 2 years.
For the next slab, two years to five years, the revised rate of interest is 6.25 per cent after the latest hike. The bank has hiked interest rate by 20 bps for 5 to 10 years to 6.20 per cent. It was 6 per cent earlier.
| Tenure | Interest rate |
| 7 – 14 days | 3.00% |
| 15 – 29 days | 3.00% |
| 30 – 45 days | 3.50% |
| 46 – 60 days | 4.00% |
| 61 – 89 days | 4.50% |
| 90 days < = 6 months | 4.50% |
| 6 months 1 days <= 9 months | 5.25% |
| 9 months 1 day to < 1 Year | 5.50% |
| 1 Year to 15 months | 6.10% |
| 15 months to < 18 months | 6.15% |
| 18months to < 21months | 6.15% |
| 21 months to 2 years | 6.15% |
| 2 years 1 day – 3 years | 6.25% |
| 3 Years 1day to 5 years | 6.25% |
| 5 Years 1 day to 10 years | 6.20% |
PNB FD rates
The bank revised the interest rate for schemes of 46 to 90 days to 4.5 per cent from 3.75 per cent. For 180 days to less than 1 year, the new interest rate is 5.50 per cent. For deposits maturing in 1 year to 599 days, the update rate is 5.70 per cent to 6.30 per cent. For 600 days, the new rate of interest is 7 per cent. For deposits of 601 days to 2 years, the revised rate is 6.30 per cent. It was 5.70 per cent earlier.
Read More: New PFRDA guidelines: How is NPS annuity handled if a subscriber dies after taking lumpsum?
The bank has increased the interest rates from 5.80 per cent to 6.25 per cent on deposits maturing in 2 to 3 years and has hiked the rates to 6.10 per cent from 5.80 per cent for schemes of 3 to 5 years.
On fixed deposits maturing in 5 to 10 years, the revised interest rate is 6.10 per cent.
| Tenure | Interest rate |
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 3.50% |
| 30 days to 45 days | 3.50% |
| 46 days to 90 days | 4.50% |
| 91 days to 179 days | 4.50% |
| 180 days to 270 days | 5.50% |
| 271 days to less than 1 year | 5.50% |
| 1 year: For General Public | 6.30% |
| Above 1 year to 599 days | 6.30% |
| 600 days | 7.00% |
| 601 days to 2 years | 6.30% |
| Above 2 Years to 3 Years | 6.25% |
| Above 3 years to 5 years | 6.10% |
| Above 5 years to 10 years | 6.10% |
Interest rate for senior citizens
HDFC Bank has stated that all senior citizens would get an additional interest rate of 50 bps, which will be over and above the rate offered to general customers. The new interest rates for senior citizens will now range from 3.5 per cent to 6.95 per cent for 7-day to 10-year schemes.
As per PNB websites, Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs 2 crore.
